Technical Analysis of EUR/USD for July 17, 2020

Posted On 17 Jul 2020

Technical Market Outlook:

The EUR/USD pair last attempt to rally above the supply zone located between the levels of 1.1406 – 1.1419 might have been terminated due to the Pin Bar candlestick made around the level of 1.1441. Moreover, the RSI indicator shows the positive, but not that strong momentum and is pointing south, so the market participants should wait for a Pin Bar like candlestick around the level of 1.1361. If there is this kind of a reversal candlestick pattern, then the bulls might continue the local up trend towards the level of 1.1497.

Weekly Pivot Points:

WR3 – 1.1497

WR2 – 1.1428

WR1 – 1.1365

Weekly Pivot – 1.1301

WS1 – 1.1233

WS2 – 1.1170

WS3 – 1.1101

Trading Recommendations:

On the EUR/USD pair, the main long-term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

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Source:: Technical Analysis of EUR/USD for July 17, 2020:

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